Gyrodyne, LLC

What they do

Gyrodyne owns and manages a portfolio of medical office and industrial properties in Suffolk and Westchester Counties, New York. As of December 31, 2025, the portfolio included two developed properties with 9 buildings totaling 161,430 rentable square feet, plus undeveloped land. The company's primary focus is on pursuing entitlements to enhance development flexibility for its Flowerfield and Cortlandt Manor properties. Substantially all leases require tenants to reimburse the company for some or all operating costs such as utilities, insurance, and real estate taxes.

Revenue drivers

• Cortlandt Medical Center — 13.8 acres in Cortlandt Manor, New York, including a 31,000 square foot medical center. This property is part of the company's two remaining developed assets.
• Flowerfield Industrial Park — 63 acres in St. James, New York, including a 14-acre multi-tenanted industrial park comprising 135,000 rentable square feet. This is the larger of the two developed properties.
• Undeveloped Land Parcels — Adjacent land parcels held for future entitlement and development flexibility. These do not currently generate rental revenue.

Recent performance

For the quarter ended June 30, 2026, the company reported total assets of $57.9 million and total liabilities of $30.9 million, with net assets in liquidation of $27.1 million. Cash and cash equivalents were $3.8 million, down from $4.5 million at December 31, 2025. Loans payable stood at $10.7 million at June 30, 2026. The company's portfolio was 82% leased to 31 tenants as of December 31, 2025, compared to 82% leased to 32 tenants a year earlier. Recent quarterly revenue figures show $424,929 for the period ended August 31, 2015, and $638,503 for September 30, 2014, though these are historical and not indicative of current operations.

Strategy

Gyrodyne's corporate strategy is to enhance the value of its Flowerfield and Cortlandt Manor properties by pursuing entitlement opportunities to provide purchasers increased development flexibility. The company intends to dissolve after completing the disposition of all real property assets, applying proceeds first to settle debts and claims, then distributing remaining amounts to shareholders. A national marketing campaign led by JLL is underway for the sale of both properties. Management is also focused on leasing vacant space, negotiating early renewals for leases expiring through 2026, and managing capital and liquidity.

Risks

• Entitlement and permitting delays — Any delay or denial of required zoning, land use, environmental, or other permits would adversely impact Gyrodyne's property enhancement plans.
• Liquidation timing and proceeds uncertainty — The amount and timing of distributions to shareholders depend on asset sale proceeds and are not guaranteed; actual distributions may differ from net asset estimates.
• Financing and capital availability — Gyrodyne may not have funds available or be able to obtain financing for value-enhancement projects on favorable terms, if at all.
• Community activism and litigation — Risks include an Article 78 proceeding against the company, community activism, proxy contests, and regulatory enforcement that could delay or block property sales.

Outlook

Management remains committed to enhancing the net value of Flowerfield and Cortlandt Manor, completing asset dispositions, making timely distributions, and completing the liquidation of the company. The company continues to pursue entitlements and market its properties for sale through JLL. However, the process involves risks and uncertainties, and it is impossible at this time to determine with certainty the ultimate amount or timing of shareholder distributions.